Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in Benefit Obligations and Assets

The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2014 and 2013 consisted of the following components (in thousands):



	2014			2013
Change in pension benefit obligation
Benefit obligation at beginning of year	$	308,877		$	302,306
Interest cost	14,027			12,326
Actuarial loss (gain)	40,906			(1,903		)
Benefits paid	(9,915		)	(9,663		)
Foreign currency exchange rate changes	(21,089		)	5,811
Benefit obligation at end of year	332,806			308,877
Change in pension plan assets
Fair value of plan assets at beginning of year	269,811			239,650
Actual return on plan assets	34,012			27,969
Employer contributions	6,028			5,906
Benefits paid	(9,915		)	(9,663		)
Foreign currency exchange rate changes	(17,841		)	5,949
Fair value of plan assets at end of year	282,095			269,811
Funded status at end of year	$	(50,711	)	$	(39,066	)

Schedule of Net Periodic Benefit Cost Not yet Recognized

Amounts not yet reflected in net periodic pension cost and included in Accumulated other comprehensive loss:



	2014		2013
Unrecognized losses	$	102,673	$	87,461

Schedule of Weighted Average Assumptions Used Calculating Benefit Obligation

The weighted average assumptions used to determine benefit obligations as of December 31, 2014 and 2013 were as follows:



	2014		2013
Discount rate	3.6	%	4.6	%

Schedule of Weighted Average Assumptions Used Calculate Net Periodic Pension Cost

The weighted average assumptions used to determine net periodic pension cost for the years ended December 31, 2014, 2013 and 2012 were as follows:



	2014		2013		2012
Discount rate	4.6	%	4.3	%	4.7	%
Annual rate of return on plan assets	6.7	%	6.7	%	6.7	%

Components Of Net Periodic Pension Cost

The components of net periodic pension cost of the UK Plan for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):



	2014			2013			2012
Interest cost	$	14,027		$	12,326		$	12,460
Expected return on plan assets	(16,888		)	(14,369		)	(13,058		)
Amortization of unrecognized loss	2,029			2,560			2,433
Net periodic pension cost	$	(832	)	$	517		$	1,835

Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations

The weighted average asset allocations and weighted average target allocations at December 31, 2014 and 2013 were as follows:



Asset Category	Target Asset Allocation		December 31, 2014		December 31, 2013
Equity securities	45.0	%	43.2	%	53.4	%
Debt securities	55.0	%	56.6	%	46.4	%
Cash	—	%	0.2	%	0.2	%
Total	100.0	%	100.0	%	100.0	%

Schedule of Plan Assets Fair Value Hierarchy

The following tables set forth by level, within the fair value hierarchy discussed in Note 10 - Fair Value Measurements, the fair value of assets of the UK Plan as of December 31, 2014 and 2013 (in thousands):



	Assets at Fair Value as of December 31, 2014
Asset Category	Level 1		Level 2		Level 3		Total
Equity and equity like investments	$	—	$	116,899	$	4,840	$	121,739
Corporate bonds	—		124,380		—		124,380
Government bonds	—		35,319		—		35,319
Cash	657		—		—		657
Total	$	657	$	276,598	$	4,840	$	282,095



	Assets at Fair Value as of December 31, 2013
Asset Category	Level 1		Level 2		Level 3		Total
Equity and equity like investments	$	—	$	138,908	$	5,196	$	144,104
Corporate bonds	—		101,337		—		101,337
Government bonds	—		23,716		—		23,716
Cash	654		—		—		654
Total	$	654	$	263,961	$	5,196	$	269,811

Schedule of Changes in Fair Value of Plan Assets (Level 3)

The table below sets forth a summary of changes in the fair value of the UK Plan’s Level 3 assets for the years ended December 31, 2014 and 2013 (in thousands):



Equity and Equity Like Investments	2014			2013
Start of year balance	$	5,196		$	4,996
Actual return on plan assets, relating to assets still held at reporting date	—			99
Purchases, sales and settlements, net	(48		)	—
Change due to exchange rate changes	(308		)	101
End of year balance	$	4,840		$	5,196

Schedule of Expected Benefit Payments

The following estimated benefit payments are expected to be paid in the following years (in thousands):



	Pension Benefits
2015	$	9,548
2016	9,816
2017	10,091
2018	10,372
2019	10,664
Succeeding five years	57,969

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table shows certain information for the UK Plan where the accumulated benefit obligation is in excess of plan assets as of December 31, 2014 and 2013 (in thousands):



	2014		2013
Projected benefit obligation	$	332,806	$	308,877
Accumulated benefit obligation	$	332,806	$	308,877
Fair value of plan assets	$	282,095	$	269,811

Schedule of Multiemployer Plans

The following table lists all domestic MEPPs to which our contributions exceeded $2.0 million in 2014. Additionally, this table also lists all domestic MEPPs to which we contributed in 2014 in excess of $0.5 million for MEPPs in the critical status, “red zone” and $1.0 million in the endangered status, “orange or yellow zones”, as defined by the PPA (in thousands):



Pension Fund	EIN/Pension Plan Number	PPA Zone Status ⁽¹⁾		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions ⁽²⁾	Expiration date of CBA
Pension Fund	EIN/Pension Plan Number	2014	2013	FIP/RP Status	2014		2013		2012			Expiration date of CBA
Plumbers & Pipefitters National Pension Fund	52-6152779 001	Yellow	Yellow	Implemented	$	10,425	$	12,509	$	10,999	No	February 2015 to June 2019
Sheet Metal Workers National Pension Fund	52-6112463 001	Yellow	Red	Implemented	9,977		9,476		9,837		No	April 2015 to June 2019
National Electrical Benefit Fund	53-0181657 001	Green	Green	N/A	7,985		7,986		7,679		No	February 2015 to May 2019
Central Pension Fund of the International Union of Operating Engineers and Participating Employers	36-6052390 001	Green	Green	N/A	6,518		6,296		6,076		No	November 2015 to December 2018
Pension, Hospitalization & Benefit Plan of the Electrical Industry- Pension Trust Account	13-6123601 001	Green	Green	N/A	6,219		6,189		5,722		No	May 2015 to January 2018

Pension Fund

EIN/Pension Plan

Number

PPA Zone Status ⁽¹⁾

FIP/RP

Status

Contributions

Contributions greater than 5% of total plan contributions ⁽²⁾

Expiration

date of CBA

2014

2013

2014

2013

2012

National Automatic Sprinkler Industry Pension Fund

52-6054620 001

Red

Implemented

6,000

4,226

4,952

June 2015 to

July 2017

Plumbers Pipefitters & Mechanical Equipment Service Local Union 392 Pension Plan

31-0655223 001

Red

Implemented

4,962

4,128

3,848

Yes

June 2019

Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan 2

51-6030753 002

Green

N/A

4,051

2,412

2,179

May 2015

U.A. Local 393 Pension Trust Fund Defined Benefit

94-6359772 002

Green

N/A

3,585

2,811

2,181

Yes

June 2015

Sheet Metal Workers Pension Plan of Northern California

51-6115939 001

Red

Implemented

3,467

3,658

3,881

June 2016

Northern California Pipe Trades Pension Plan

94-3190386 001

Green

N/A

3,270

2,258

3,582

May 2015 to June 2015

Pipefitters Union Local 537 Pension Fund

51-6030859 001

Green

N/A

2,981

3,690

2,747

Yes

January 2015
to August 2017

Electrical Workers Local No. 26 Pension Trust Fund

52-6117919 001

Green

N/A

2,880

2,878

3,049

Yes

February 2015

to January 2018

Southern California Pipe Trades Retirement Fund

51-6108443 001

Green

N/A

2,863

5,498

3,443

Yes

June 2015 to
August 2015

Southern California IBEW-NECA Pension Trust Fund

95-6392774 001

Yellow

Implemented

2,776

3,215

3,266

May 2015 to

November 2019

Eighth District Electrical Pension Fund

84-6100393 001

Green

N/A

2,695

3,005

3,890

Yes

February 2015 to May 2015

Arizona Pipe Trades Pension Plan

86-6025734 001

Green

N/A

2,098

4,108

6,871

Yes

June 2017 to July 2017

Heating, Piping & Refrigeration Pension Fund

52-1058013 001

Yellow

Implemented

1,877

2,139

2,078

January 2015 to February 2017

Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada

95-6052257 001

Red

Implemented

1,824

1,271

1,072

June 2015 to June 2019

U.A. Local 38 Defined Benefit Pension Plan

94-3042549 001

Yellow

Implemented

1,605

1,522

927

June 2015 to June 2017

Local No. 697 IBEW and Electrical Industry Pension Fund

51-6133048 001

Yellow

Implemented

1,499

1,443

1,757

Yes

May 2015

Boilermaker-Blacksmith National Pension Trust

48-6168020 001

Yellow

Implemented

1,177

1,828

2,996

September 2015 to
September 2017

Plumbing & Pipe Fitting Local 219 Pension Fund

34-6682376 001

Red

Implemented

1,107

1,142

936

Yes

May 2017

Building Trades United Pension Trust Fund

51-6049409 001

Yellow

Implemented

1,033

918

1,019

May 2016



Pension Fund	EIN/Pension Plan Number	PPA Zone Status ⁽¹⁾		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions ⁽²⁾	Expiration date of CBA
Pension Fund	EIN/Pension Plan Number	2014	2013	FIP/RP Status	2014		2013		2012			Expiration date of CBA
Steamfitters Local Union No. 420 Pension Plan	23-2004424 001	Red	Red	Implemented	862		831		1,557		No	April 2017 to May 2017
Plumbers & Pipefitters Local 162 Pension Fund	31-6125999 001	Red	Red	Implemented ⁽³⁾	818		770		737		Yes	May 2019
Local 73 Retirement Plan	15-6016577 001	Red	Red	Implemented ⁽³⁾	805		225		—		No	April 2015
U.A. Local 467 Defined Benefit Plan	94-2353807 005	Red	Red	Implemented	787		538		534		No	June 2015 to June 2017
Carpenters Pension Trust Fund for Northern California	94-6050970 001	Red	Red	Pending	522		452		539		No	June 2019
Other Multiemployer Pension Plans					41,323		43,849		40,362			Various
Total Contributions					$	137,991	$	141,271	$	138,716

_________________


(1)	The zone status represents the most recent available information for the respective MEPP, which may be 2013 or earlier for the 2014 year and 2012 or earlier for the 2013 year.

(2)

This information was obtained from the respective plans’ Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our fiscal year contributions. The above noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of our subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed.


(3)	For these respective plans, a funding surcharge was currently in effect for 2014.